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Great Lakes Reports Second Quarter 2012 Results

Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes' future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

       
Great Lakes Dredge & Dock Corporation
Condensed Consolidated Statements of Operations
(Unaudited and in thousands, except per share amounts)
 
Three Months Ended Six Months Ended
June 30, June 30,
  2012   2011   2012   2011
 
Contract revenues $ 166,532 $ 154,959 $ 321,439 $ 310,297
 
Gross profit 23,889 19,766 43,911 47,208
 
General and administrative expenses 11,456 13,622 24,723 25,711
Gain on sale of assets—net   (93)   (2,513)   (124)   (2,771)
 
Operating income 12,526 8,657 19,312 24,268
 
Other income (expense)
Interest expense—net (5,383) (4,911) (10,642) (10,861)
Equity in loss of joint ventures (8) (123) (24) (714)
Loss on foreign currency transactions—net (21) - (15) -
Loss on extinguishment of debt   -   -   -   (5,145)
 
Income before income taxes 7,114 3,623 8,631 7,548
 
Income tax provision   (2,768)   (1,455)   (3,332)   (2,982)
 
Net income 4,346 2,168 5,299 4,566
 
Net (income) loss attributable to noncontrolling interests   91   (462)   206   (468)
 
Net income attributable to Great Lakes Dredge & Dock Corporation $ 4,437 $ 1,706 $ 5,505 $ 4,098
 
 
 
Basic earnings per share attributable to Great Lakes Dredge & Dock Corporation $ 0.07 $ 0.03 $ 0.09 $ 0.07
Basic weighted average shares 59,171 58,875 59,105 58,830
 
 
Diluted earnings per share attributable to Great Lakes Dredge & Dock Corporation $ 0.07 $ 0.03 $ 0.09 $ 0.07
Diluted weighted average shares 59,534 59,184 59,493 59,228

 
Great Lakes Dredge & Dock Corporation
Reconciliation of Net Income attributable to Great Lakes Dredge & Dock Corporation to Adjusted EBITDA
(Unaudited and in thousands)
       
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
 
 
Net income attributable to Great Lakes Dredge & Dock Corporation $ 4,437 $ 1,706 $ 5,505 $ 4,098
Adjusted for:
Loss on extinguishment of debt - - - 5,145
Interest expense—net 5,383 4,911 10,642 10,861
Income tax provision 2,768 1,455 3,332 2,982
Depreciation and amortization   8,359   9,238   16,123   18,804
 
Adjusted EBITDA $ 20,947 $ 17,310 $ 35,602 $ 41,890
 
Great Lakes Dredge & Dock Corporation
Selected Balance Sheet Information
(Unaudited and in thousands)
   
Period Ended
June 30, December 31,
2012 2011
 
Cash and cash equivalents $ 70,791 $ 113,288
Total current assets 326,205 325,778
Total assets 789,960 788,460
Total short-term debt 2,658 3,033
Total current liabilities 130,786 130,526
Long-term debt 252,500 252,558
Total equity 295,601 292,537

 
Great Lakes Dredge & Dock Corporation
Supplementary financial data
(Unaudited and in thousands)
       
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
 
Net cash flows provided by (used in) operating activities $ 3,059 $ (4,894) $ (15,185) $ (10,445)

       
Great Lakes Dredge & Dock Corporation
Revenue and Backlog Data
(Unaudited and in thousands)
 
Three Months Ended Six Months Ended
June 30, June 30,
Revenues (in thousands) 2012     2011 2012     2011
Dredging:
Capital - U.S. $ 44,703 $ 44,480 $ 71,610 $ 90,509
Capital - foreign 20,848 16,065 38,873 37,936
Beach nourishment 40,458 28,376 71,641 46,233
Maintenance 20,006 28,703 59,239 75,942
Rivers & lakes   8,757   7,461   15,770   11,062
Total dredging revenues* 134,772 125,085 257,133 261,682
Demolition   31,760   29,874   64,306   48,615
Total revenues $ 166,532 $ 154,959 $ 321,439 $ 310,297
 
Note: Dredging contract revenues for the three and six months ended June 30, 2012 are net of $62 and $1,374 in intersegment revenues. Demolition contract revenues for both the three and six months ended June 30, 2012 are net of $75 in intersegment revenues.
 
As of
June 30, December 31, June 30,
Backlog (in thousands) 2012 2011 2011
Dredging:
Capital - U.S. $ 104,283 $ 109,897 $ 49,086
Capital - foreign 225,999 78,379 53,941
Beach nourishment 34,111 84,607 62,228
Maintenance 10,907 31,293 12,935
Rivers & lakes   23,167   15,256   18,355
Total dredging backlog 398,467 319,432 196,545
Demolition   56,786   50,672   74,087
Total backlog $ 455,253 $ 370,104 $ 270,632

 
Great Lakes Dredge & Dock Corporation
Full Year Adjusted EBITDA Guidance Reconciliation to Net Income
For the Year Ended December 31, 2012
   
Lower Upper
 
Estimated Net income attributable to Great Lakes Dredge & Dock Corporation $ 18,920 $ 23,225
Adjusted for estimated:
Interest expense—net 21,860 21,860
Income tax expense 11,845 14,540
Depreciation and amortization   40,375   40,375
 
Adjusted EBITDA Guidance $ 93,000 $ 100,000

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